Oil prices tumbled in volatile trading earlier this week on the New York Mercantile exchange after rising to an eight – month high swinging between $69.03 and $73.38 per barrel. It has been a dramatic year which began with crude prices near $40 per barrel before going on a volatile rally for the past two months as the second quarter comes to a close.
According to Peter Beutel of Cameron Hanover, the market is not being allowed to express the supply and demand issues blaming huge investments by fund managers into the energy market. Investors are concerned that, massive U.S. fiscal stimulus spending will eventually spark high inflation hence buying commodities such as Gold and crude oil as a hedge against a weakening dollar and inflation.
In a related development U.S. gold futures for August delivery edged higher to US$ 941.90 per ounce up 0.1 percent from the previous settlement on the Comdex division of NYMEX.
In Ghana, gasoline prices remain unchanged after last month 30% increment of diesel and premium petrol prices to GH˘ 1.12 and GH˘1.11 per liter respectively.
